Jim JamesFounder, UnNoticed Ventures · Hi, what's on your mind? I'd love to know.

Sweet! How to give customers candy for more business; with Raul Galera

3 Feb 2024 · 1 min

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1:14

In this segment, speaker Raul Galera emphasizes that entrepreneurs should prioritize referral marketing from the outset because it is one of the few channels they can fully own. By building a system that automatically incentivizes customers to promote the business, founders retain control over the customer base, advocacy data, and can switch referral platforms (e.g., from Referral Candy to another) without losing ownership. Galera also notes that escalating e‑commerce advertising costs make referral-driven growth increasingly attractive as a cost‑effective acquisition strategy.

Chapters

Somebody, I mean, any entrepreneur needs to think about referral marketing almost from the very beginning, because it's probably one of the very few marketing channels that you can absolutely own without depending on a third-party platform. If you can, from the very beginning, create a system that automatically incentivizes your customers to go out and sell for you, it's a platform that you own because you own that customer base, you own those advocates. So even if you're using Referral Candy and then you end up moving to another platform, you still own it. Yeah. You know, nobody's going to own that data for you because it's a platform that you've built yourself. So that's reason number one, in my opinion, why entrepreneurs should definitely focus on this. But then it's also because, as you mentioned, in e-commerce in particular, ad costs are going through the roof. And so it's getting more and more expensive to reach new customers.